TIDM0Y71
RNS Number : 7371X
Malin Corporation PLC
02 September 2020
Malin Corporation plc
Malin reports 2020 Interim Results
Dublin-Ireland, 2 September 2020 : Malin Corporation plc
(Euronext Growth Dublin:MLC) ("Malin", the "Company"), a company
investing in highly innovative life sciences companies, today
publishes its interim results and interim report for the six month
period ended 30 June 2020.
Commenting on the results, Darragh Lyons, Chief Executive
Officer, said: "We are pleased with the progress made in 2020 to
date as we seek to further advance and de-risk our investee
companies toward realisation events. We have seen some important
milestones achieved by our investee companies during the first half
of the year and we expect further important news flow in the months
ahead from our assets. If positive, these milestones have the
potential to create significant value and could help catalyse
realisation events for Malin."
Highlights from the 2020 Interim Results
-- The aggregate fair value of Malin's interests in its investee
companies, estimated in accordance with the International Private
Equity and Venture Capital Valuation (IPEV) Guidelines, was EUR373
million at 30 June 2020. The 2% increase from 31 December 2019 is
largely due to an increase in the estimated fair value of Malin's
investment in Xenex, reflecting the positive trajectory in that
business during the first half of 2020, partially offset by some
modest foreign exchange-related decreases.
-- Subsequent to the period end (30 June 2020), Poseida
completed an IPO and Malin acquired an additional 2% of the issued
share capital of Kymab. Adjusting the estimated IPEV fair value at
30 June 2020 to reflect the additional shares in Kymab and the
mark-to-market value of our Poseida stake at 31 August 2020, the
aggregate fair value of Malin's investments decreases to EUR346
million.
-- Malin's estimated intrinsic equity value per share at 30 June
2020 was EUR7.78, arrived at by taking the estimate of the fair
value of Malin's interests in its investee companies in accordance
with IPEV Guidelines and adjusting for net debt divided by the
total number of issued ordinary shares. Adjusting the estimated
intrinsic equity value at 30 June 2020 to reflect the additional
shares in Kymab and the mark-to-market value of our Poseida stake
at 31 August 2020, the estimated intrinsic equity value per share
decreases to EUR7.18.
-- Malin's corporate cash balance was EUR39 million at 30 June 2020.
-- Corporate cash operating expenses for the first half of the
year were EUR1.5 million as management's ongoing commitment to
operating within a lean infrastructure has resulted in a reduction
of annual corporate cash operating expenses to under EUR4
million.
Investee Company highlights
-- Kymab recently announced excellent efficacy and safety data
for its lead programme, KY1005, in a Phase 2a study in atopic
dermatitis. The antibody has the potential to treat a wide variety
of immune-mediated diseases and inflammatory disorders and further
data will be released by Kymab over the coming months.
-- Poseida significantly strengthened its capital base over the
past few months thereby optimally positioning the company to
advance its broad pipeline of cell and gene therapy programmes. In
June 2020, Poseida raised $110 million in a private funding round,
before completing an IPO on the Nasdaq Global Select Market,
raising gross proceeds of $224 million, in July 2020.
Poseida initiated a clinical study for P-PSMA-101 in prostate
cancer in May 2020. The trial was placed on clinical hold by the
FDA in August 2020 following a patient death. Poseida's assessment
of the event and evaluation of next steps is ongoing, including
working with the FDA toward the objective of resuming the clinical
trial.
Poseida continues to advance its allogeneic (universal donor)
version of its BCMA-targeting CAR-T product candidate with the aim
of filing an Investigational New Drug (IND) application and
initiating clinical trials in late 2020 or early 2021.
-- The clinical trials of Viamet and Immunocore progressed well
in spite of the challenges of COVID-19 and we expect news flow from
both companies over the coming months. Immunocore's studies for its
lead asset targeting uveal melanoma are advancing towards a
potential Biologics Licence Application (BLA) for this product
candidate; and Viamet's successor, Mycovia, is on track to have
data from the Phase 3 studies of its VT-1161 molecule in recurrent
vulvovaginal candidiasis before the end of 2020 which could support
a New Drug Application in 2021.
-- Xenex experienced unprecedented demand for its pulsed xenon
robot during the first half of the year driven by the ongoing
COVID-19 pandemic which resulted in a three-fold increase in
revenues.
COVID-19
Malin continues to closely monitor, assess and seek to mitigate
the actual and potential future impacts of COVID-19 on business
activities. To date, COVID-19 has not had a material impact on
investee companies' clinical trials and other Malin business
activities.
Outlook
Several of Malin's assets have near-term important clinical and
regulatory milestones which have the potential to unlock
significant value for the remainder of 2020 and in 2021. These
potential milestones include:
-- Poseida : Filing an IND application and clinically testing
its allogeneic (universal donor) version of its BCMA-targeting
CAR-T technology; while continuing to progress its Phase 1 and
Phase 2 autologous BCMA programme; and resuming its CAR-T Phase 1
clinical trial targeting solid tumours (castrate-resistant
metastatic prostate cancer). Poseida will provide an update on
manufacturing improvements and related data from the Phase 1
expansion study of its lead programme, P-BCMA-101, an autologous
BCMA programme, at the CAR-TCR Digital Week virtual meeting on 16
September 2020.
-- Immunocore : Important data from several clinical programmes
including from the pivotal studies of its lead programme in
metastatic uveal melanoma.
-- Kymab : Full dataset for its proof-of-concept Phase 2a
clinical trial targeting OX-40L in atopic dermatitis and Phase 1/2
clinical data for its anti-ICOS programme.
-- Viamet : Top line data from Mycovia's VT-1161 Phase 3 studies
and, if successful, a New Drug Application filing.
-- Growth Potential Assets : Reaching optimal value inflection points for divestment by Malin.
-- Malin remains committed to returning capital to shareholders
following significant realisation events.
Interim Report
Malin's interim report for the six month period ended 30 June
2020 is available to view on Malin's website under the Investors'
section, http://malinplc.com/investors/results-centre/
Corporate Update Conference Call
Darragh Lyons, Chief Executive Officer, will host a conference
call today, 2 September, at 12:00pm Irish Standard Time / BST, to
provide an operational update. Presentation slides are available on
Malin's website under the Investors' section,
http://malinplc.com/investors/results-centre/.
The call may be accessed by using the following details:
From Ireland dial: +353 ( 0) 1 431 9615
From the UK dial: +44 (0) 844 571 8892
From the USA dial: +(1) 6315 107 495
From other locations dial: +44 (0) 2071 928 000
Participant PIN code: 5570129
ENDS
About Malin Corporation plc
Malin (Euronext Growth Dublin:MLC) is a company investing in
highly innovative life sciences companies. Its purpose is to create
shareholder value through the application of long-term capital and
operational and strategic expertise to a diverse range of global
healthcare businesses. Malin has a focus on innovative businesses
underpinned by exceptional science and works with its investee
companies, providing strategic and financial support to enable them
to reach their value potential. Malin is headquartered and
domiciled in Ireland and listed on the Euronext Growth Dublin. For
more information visit www.malinplc.com
For further information, please contact:
Malin
Jessica Bergin, Investor Relations & External Reporting
Tel: +353 (0)1 901 5700
investorrelations@malinplc.com
Davy Corporate Finance (Euronext Growth Adviser & Joint
Broker)
Brian Garrahy / Daragh O'Reilly
Tel: +353 1 679 6363
Liberum (Joint Broker)
Bidhi Bhoma / Euan Brown
Tel: +44 (0) 20 3100 2000
Consilium Strategic Communications
Mary-Jane Elliott / Chris Welsh / Angela Gray
Tel: +44 (0)20 3709 5700
malin@consilium-comms.com
Powerscourt (Irish media enquiries)
Eavan Gannon
Tel: +353 87 236 5973
malin@powerscourt-group.com
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